MetaMask Warns Traders of Memecoin FOMO Amid Rising Market Activity
The Trump administration's focus on cryptocurrency has led to increased FOMO trading, particularly in memecoins like Melania Meme (MELANIA) and Official Trump (TRUMP). This surge attracted thousands of new traders in just 48 hours.
Market analysts anticipate a bullish phase due to:
- A clearer regulatory framework in the U.S.
- Increased institutional adoption.
Last week saw $2.2 billion inflow into digital asset investment products following Trump's inauguration as a pro-crypto president.
MetaMask Co-founder Hacked
Dan Finlay, co-founder of MetaMask, experienced a hack of his Farcaster account, which was used to promote a fake memecoin named Finn (FINN) on the Solana network. Although the post was deleted, it misled many altcoin traders.
Key details about FINN include:
- 4,000 holders at a fully diluted valuation of approximately $209,000.
- 24-hour trading volume around $38 million.
- Pooled Solana (SOL) liquidity near $40,000.
The coin lost significant value shortly after its launch.
Future of Memecoins
Experts predict the Trump administration will influence the growth of celebrity-inspired memecoins. Mark Cuban is considering launching a memecoin with proceeds directed to the U.S. Treasury. The long-term viability of such coins may depend on community contributions.
While all crypto projects carry risks of rug pulls, those backed by reputable companies might have better survival rates compared to celebrity-endorsed memecoins, which tend to lose momentum over time.